Today, The Zacks Investment Research lowers the Stock rating of Extra Space Storage Inc. (EXR)

Today, The Zacks Investment Research lowers the Stock rating of Extra Space Storage Inc. (EXR)

Extra Space Storage Inc. (NYSE:EXR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust that acquires, develops and operates self-storage facilities. “

EXR has been the subject of a number of other reports. Cantor Fitzgerald reissued a “hold” rating on shares of Extra Space Storage in a research note on Friday, August 26th. BMO Capital Markets reaffirmed a “hold” rating and set a $80.00 target price on shares of Extra Space Storage in a research report on Wednesday, November 9th. Raymond James Financial Inc. lowered Extra Space Storage from a “strong-buy” rating to an “outperform” rating and lifted their target price for the company from $95.00 to $106.00 in a research report on Friday, August 12th. KeyCorp decreased their target price on Extra Space Storage from $98.00 to $89.00 and set an “overweight” rating for the company in a research report on Monday, September 12th. Finally, Jefferies Group decreased their target price on Extra Space Storage from $115.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $91.73.

Shares of Extra Space Storage (NYSE:EXR) opened at 69.64 on Wednesday. Extra Space Storage has a 52-week low of $68.09 and a 52-week high of $94.81. The company’s 50 day moving average price is $73.65 and its 200 day moving average price is $83.25. The stock has a market capitalization of $8.76 billion, a PE ratio of 30.07 and a beta of 0.46.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.03. Extra Space Storage had a return on equity of 14.98% and a net margin of 30.57%. The firm earned $257.20 million during the quarter, compared to analyst estimates of $218.17 million. During the same period last year, the company earned $0.81 EPS. Extra Space Storage’s quarterly revenue was up 30.2% compared to the same quarter last year. On average, equities research analysts anticipate that Extra Space Storage will post $3.80 EPS for the current year.

In related news, CEO Spencer Kirk sold 20,000 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $78.26, for a total transaction of $1,565,200.00. Following the transaction, the chief executive officer now directly owns 734,430 shares in the company, valued at approximately $57,476,491.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dennis J. Letham bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The shares were acquired at an average price of $71.76 per share, for a total transaction of $143,520.00. Following the completion of the purchase, the director now owns 3,088 shares in the company, valued at $221,594.88. The disclosure for this purchase can be found here. Corporate insiders own 4.13% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in EXR. Fox Run Management L.L.C. acquired a new position in shares of Extra Space Storage during the second quarter valued at $324,000. Nisa Investment Advisors LLC increased its stake in Extra Space Storage by 20.6% in the second quarter. Nisa Investment Advisors LLC now owns 15,915 shares of the real estate investment trust’s stock valued at $1,473,000 after buying an additional 2,715 shares during the last quarter. Johanson Financial Advisors Inc. purchased a new stake in Extra Space Storage during the second quarter valued at $208,000. Capstone Asset Management Co. increased its stake in Extra Space Storage by 14.2% in the second quarter. Capstone Asset Management Co. now owns 20,312 shares of the real estate investment trust’s stock valued at $1,880,000 after buying an additional 2,520 shares during the last quarter. Finally, Creative Planning increased its stake in Extra Space Storage by 4.8% in the second quarter. Creative Planning now owns 13,182 shares of the real estate investment trust’s stock valued at $1,220,000 after buying an additional 599 shares during the last quarter. Hedge funds and other institutional investors own 95.60% of the company’s stock.

About Extra Space Storage

Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development. The Company owns, operates, manages, acquires, develops and redevelops self-storage properties (stores).

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